Here is our big longread tale of acquiescence on WeWork's financial enablers: the board and the bankers
Bankers, venture capitalists and investors poured cash… // Several times in this article the ire is directed at Silicon Valley, yet nearly all of the parties AND the company are in NYC. The SV people seemed to be the ones trying to put the brakes on.
"Little of WeWork’s trajectory would have been possible w/o the collection of veteran executives & financiers from the upper echelons of Wall Street & SV who enabled a charismatic 40-year-old with little prior business experience"
This slide from Goldman’s IPO pitch to WeWork belongs in a museum. This and much more in a long-read from and for folks who just cannot get enough of this show
Bankers, venture capitalists and investors poured cash on WeWork's business bonfire. These are the enablers behind the company's spectacular fall.
The definition of founder fever: "Many were skeptical of the business, but they loved Mr. Neumann." Love this piece via
At an executive retreat in Montauk on Long Island, Mr. Neumann once raised a glass in a toast “to nepotism,” attendees said.
Bankers, venture capitalists and investors poured cash on WeWork’s business bonfire. These are the enablers behind the company’s spectacular fall.
Much has been written about WeWork but when you peel it all back, the root causes are actually pretty simple as laid out in this great WSJ piece today - Value destruction in VC: a play in 5 acts
Always the enablers, emphasis men, from Benchmark to JP Morgan who let this obvious circus bang on: The Money Men Who Enabled Adam Neumann and the WeWork Debacle - WSJ
WeWork is a case study in a board's complete abdication of governance responsibility.
. projected profit (purple) within one to two years in each of 2015, 2016 and 2017. Instead, actual profit (yellow) worsened each year.
This movies is going to be epic: SoftBank & Masa, Goldman Sachs, JP Morgan & Jamie Dimon, Benchmark. My goodness.
pretty wild to see T Rowe Price -- a lead WeWork investor in 2014, at $5b valuation -- come out and say that by 2017 and 2019 they were trying to sell as much as they could this and much more in this banger from and
It's admittedly easy to pile-on in retrospect, but it's amazing how many of the top investment firms (e.g. Goldman Sachs) were so bad at their job. Even making a halfway-intelligent PowerPoint seems to have been beyond them.